LIBN readers have high financial hopes for 2018

By: Jenna Macri January 4, 2018Comments Off on LIBN readers have high financial hopes for 2018

LIBN readers said 2018 will be the year things start to look up – at least, financially.

A recent informal poll of readers on libn.com revealed nearly half of voters, or 43 percent, expect their personal finances to be in a better position in the New Year. It’s a sentiment shared by many, bolstered by a strong stock market and adoption of the GOP tax code, a move the Trump administration claims will boost the economy and encourage wage increases as early as February.

Another 30 percent of voters said they predict their financial position will be the same in 2018 as it was in 2017, while 12 percent said they weren’t sure what the future will hold for them. Only 15 percent said they anticipate facing financial hardships in the upcoming year.

LIBN reader Greg commented that his outlook for 2018 is “cautious optimism.”

“I am old enough to have gone through several of the economic ups and downs. Some were worse than others,” he said. “However, we are now in new waters and seem to be financially healing much more rapidly than historically. Be smart, just don’t be the ranch on any one thing.”

While a person’s finances are dependent on individual circumstances, only time will tell if the $1.5 trillion tax cut plan will truly help most Americans. On Long Island, concerns regarding a $10,000 cap on all deductions for state and local income, sales and property taxes triggered pandemonium as some homeowners tried to pay their taxes a year ahead of timebefore the new rules kicked in. Here are five trends to observe this year that may signal if the tax plan is delivering on its promise of heftier paychecks, surging stocks, and an overall healthier economy.

LIBN conducts weekly informal, unscientific polls of readers on LIBN.com. The “2018 Personal Finances” poll was open from Dec. 27 through Jan. 3. Click hereto respond to this week’s poll question: Do you plan to go on a job search in 2018? https://libn.com/2018/01/03/the-poll-job-searching/